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I've worked part-time jobs along with my day job, which pays extremely well.
I was amazed how hard you had to work for that $10.83 (Home Depot) an hour. I worked at the GAP when my son was in high school - I enjoyed the work and the generous discounts on clothes, and I worked at Charter cable and got free cable and decent pay. I had no life, but we benefited from those part-time jobs. Stressful juggling schedules with two PT jobs at one time, but I made it work.
When I retire, I'm done. I've saved and have 401k and a good retirement, along with SS. No need to work as I live beneath my means.
I am a PhD-level professional, aged 61, with a lucrative career in my chosen profession. I've been doing this for 30 years and I'm worn out/burned out. My husband, aged 60, is also a PhD-level professional, still happy and engaged at work. We have just over a million dollars in savings/investments, own our home free and clear, and have no debt or dependents. The main thing that keeps me from retiring right now is the prohibitive cost of health insurance (he is on mine, and has none at his job).
A wild idea, or so it seems to me: what if I chucked it all, and just took a part-time job in a retail field that I would enjoy (related to my interests and hobbies), that included health insurance? I realize we're talking maybe $9.00-$10.00/hr, and I'm used to low six figures. But my husband makes nearly that much, and we know how to live frugally. I think I would actually be happier, would enjoy the more flexible schedule, and would still have health insurance.
Pros? Cons? Do you think this is a crazy idea?
I am going to add another consideration to your plan which you may not have considered which happened to me.
At the age of 44 my 49 year old husband passed away suddenly from a heart attack. I was on his health insurance plan and I don't think it was more than two weeks that he after he passed I got a letter from his employer informing me my health coverage would last only another month, and enclosed was information on COBRA which was an option if I had no others. Fortunately two weeks prior to his death I got a full time Federal Government R.N. position as I had been doing various part time work the several years prior because I did not have to worry about health insurance as well as my husband's salary plus what I earned working part time was sufficient. I looked for full time worked primarily as a means to start saving for retirement as we were already overdue and needed to play catch up.
Although my work is not always pleasant, I consider myself very blessed it came along when it did because having a major life even I could pick up health insurance for myself immediately. And although I could not recoup my husband's income, working full time enabled me to be self supporting in addition to that work would provide me a decent pension with 20+ years of service with being age 44 I had the time to make that happen.
Sure you may be able to pay the bills as well as pay for gap insurance coverage with your part time income and your husband's full time income, but unless he has a big insurance policy, if he passes away tomorrow can you survive on your part time income when his is gone ? If not, and you have to tap into your investments sooner than planned, how will that impact future years when you may need additional income for home care or other aging needs services that you no longer can perform and have to pay another to do for you.
Maybe you should consider taking a nice vacation which does wonders or burnout and the reason I have taken 17 cruises over the last 17 years. You may return with a different perspective, or at least it will likely provide you the stamina to work another few months to you reach age 62 where you can claim a reduced SS benefit which may be enough to cover paying for gap insurance for both you and your husband.
Since your concern is insurance and not income, you might check on getting COBRA health insurance for 18 months. Optionally, will your current employer allow you to reduce your position to a consulting/training status ... and/or perhaps a 3-4 day work week.
I carried COBRA insurance through my previous employer for 4-years until medicare kicked-in at 65 (following a 1-year buyout).
Another possibility is catastrophic health insurance that covers major events, but leaves you responsible for your ongoing healthcare maintenance. In some fields (ministry), this is 'pool insurance' that typically costs significantly less. - Good luck.
You have plenty of money. Particularly with your husband's high salary. And your large million dollar savings and your house all paid for. You can definitely afford health insurance. Unless there is something you are not saying.
People who have much less than your incoming money and assets can buy health insurance on their own. (and not with a subsidy)
You can definitely quit your job which is giving you various levels of emotional pain!
You have way more to live on the rest of your lives than the vast majority of people. And you'll both be getting Social Security, yes? (or if not Social Security, then something similar?)- so that's another source of incoming money in the future.
I think you're being too worrisome. Congratulations on accumulating so many assets.
A million dollars in savings is really not that much. 50K a year if you withdrew 5% a year. It is unwise to dip into savings before retirement.
You will meet some of the many acid tongue people we have in this thread. Just think about it? Do you want to hang around with them. I've met this type of people in my first real job out of high school. Never had to deal with them ever again.
Definition of acid tongue people, those who criticize you for only saving $1 million dollar.
Myself and many others are rolling our eyes at people who don't think a million dollars is ''enough'' and a 50K annual salary off the proceeds is not ''enough'' either. Sorry, but I cannot wrap my poor little brain around that. How much damn money do some of you people need to be happy? Does it do it for you when you have it?
As others mentioned those minimal wage jobs are not easy. WE think they are from outsde because of low skill they need. But you already have skills. Those people put in many hours to make 1/4 of what you make & your current job I am assuming gives you flexibility. You can take break when you want, pick back up when you want.
I understand being burn out. In that case I will suggest taking maximum vacation (not to travel but just to stay home and relax). ASk for additional unpaid time off to just chill. If you are willing to take huge cut in your salary why not take unpaid time off from your current job. Maybe a week here, a week there if they allow. i am assuming you are not looking for promotion or recognition at this sate. Then take it slow, be a terrible worker but continue to work.
Myself and many others are rolling our eyes at people who don't think a million dollars is ''enough'' and a 50K annual salary off the proceeds is not ''enough'' either. Sorry, but I cannot wrap my poor little brain around that. How much damn money do some of you people need to be happy? Does it do it for you when you have it?
Apparently you don't get out much. A 4% safe withdrawal rate from a million would about pay my taxes and utilities. Not counting income taxes and sales taxes, the property taxes on a modest house on Long Island are typically over $12K.
Apparently you don't get out much. A 4% safe withdrawal rate from a million would about pay my taxes and utilities. Not counting income taxes and sales taxes, the property taxes on a modest house on Long Island are typically over $12K.
But her husband is still working and when they get to SS age, they will get some money.
Only the OP and her husband can judge if they have enough saved. We can't make any reasonable recommendations when we know nothing about their expenses today, or expected expenses in retirement.
I'll suggest that the OP investigate other jobs to see if there's anything she could get that includes medical insurance, and also get as much detail about the insurance as possible. At best there might be something that will give coverage at 30 hours per week, but full-time is more typical.
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